Aventail Capital Group LP Takes $2.95 Million Position in ConocoPhillips (NYSE:COP)

Posted by Defense World Staff on Jun 14th, 2023

ConocoPhillips logo Aventail Capital Group LP purchased a new stake in ConocoPhillips (NYSE:COP – Get Rating) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 25,000 shares of the energy producer’s stock, valued at approximately $2,950,000.

Several other hedge funds and other institutional investors have also bought and sold shares of COP. Fairfield Bush & CO. acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $31,000. Cetera Investment Advisers raised its stake in ConocoPhillips by 4.0% during the 1st quarter. Cetera Investment Advisers now owns 25,399 shares of the energy producer’s stock worth $2,540,000 after buying an additional 968 shares during the period. Baird Financial Group Inc. lifted its holdings in ConocoPhillips by 1.9% during the first quarter. Baird Financial Group Inc. now owns 512,126 shares of the energy producer’s stock worth $51,213,000 after acquiring an additional 9,313 shares in the last quarter. Zions Bancorporation N.A. grew its stake in ConocoPhillips by 59.1% in the first quarter. Zions Bancorporation N.A. now owns 1,810 shares of the energy producer’s stock valued at $181,000 after acquiring an additional 672 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of ConocoPhillips by 21.3% in the first quarter. Brown Brothers Harriman & Co. now owns 14,063 shares of the energy producer’s stock worth $1,406,000 after acquiring an additional 2,465 shares in the last quarter. Institutional investors own 81.76% of the company’s stock.

ConocoPhillips Trading Up 0.6 %

Shares of ConocoPhillips stock opened at $103.42 on Wednesday. The stock has a market cap of $125.14 billion, a P/E ratio of 8.27, a P/E/G ratio of 0.57 and a beta of 1.31. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 0.32. ConocoPhillips has a 12-month low of $78.30 and a 12-month high of $138.49. The business’s 50 day moving average is $102.67 and its 200-day moving average is $108.31.

ConocoPhillips (NYSE:COP – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The energy producer reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.36. The firm had revenue of $15.52 billion for the quarter, compared to analyst estimates of $16.06 billion. ConocoPhillips had a net margin of 20.21% and a return on equity of 32.75%. The company’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.27 earnings per share. Equities research analysts predict that ConocoPhillips will post 10.05 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Tuesday, May 16th were paid a $0.51 dividend. The ex-dividend date of this dividend was Monday, June 26th. This represents a $2.04 annualized dividend and a yield of 1.97%. ConocoPhillips’s dividend payout ratio (DPR) is currently 16.32%.

Analyst Upgrades and Downgrades

COP has been the subject of several research analyst reports. Citigroup decreased their price objective on ConocoPhillips from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Monday, February 27th. Piper Sandler reduced their price target on shares of ConocoPhillips from $149.00 to $125.00 in a report on Tuesday. Barclays dropped their price objective on shares of ConocoPhillips from $160.00 to $141.00 in a report on Thursday, March 23rd. Truist Financial upped their target price on shares of ConocoPhillips from $151.00 to $167.00 and gave the stock a “buy” rating in a research note on Tuesday, April 11th. Finally, UBS Group began coverage on ConocoPhillips in a research note on Wednesday, April 19th. They issued a “buy” rating and a $139.00 price target on the stock. Six research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $136.32.

Insider Buying and Selling

In other news, Director Caroline Maury Devine sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $102.08, for a total value of $102,080.00. Following the completion of the sale, the director now directly owns 849 shares of the company’s stock, valued at $86,665.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.37% of the stock is currently owned by corporate insiders.

About ConocoPhillips

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ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International.